Lowtax Network

Back To Top

Your Lowtax Account

Cyprus: Offshore Legal and Tax Regimes

Forms of Offshore Operation

Offshore entities took the following forms:

NB: For new rules applying to Cyprus companies from 2003, see Introduction.

Checks are made to exclude undesirable operations, and conditions are usually imposed:

  • The entity must be entirely foreign-owned
  • The objects of the business and sources of income must be outside Cyprus
  • No local borrowing is permitted
  • Audited annual accounts must be filed with the Central Bank
  • Local payments must be recorded and reported

Anonymity may be achieved by using nominee shareholders; the beneficial owners must be made known to the Central Bank, which is then statute-bound to non-disclosure. NB: There is no provision under the law for migration or re-domiciliation.

 

 

Back to Cyprus Index »